Choose the correct answer: 4. "If I didn't have class tonight, I would save the $4 campus parking fee and spend four hours at workwhere I earn $10 per hour." The opportunity cost of attending class this evening is:A. $0B. $4C. $40D. $4415. Specialization:A. leads to greater self-sufficiency.B. can lead to an increase in overall production.C. allows workers to develop skills by working on a large number of tasksD. is always the result of an inefficient use of resources

Answered: 4. "If I didn't have class tonight, I…

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 6CQQ

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Choose the correct answer:

4. "If I didn't have class tonight, I would save the $4 campus parking fee and spend four hours at work
where I earn $10 per hour." The opportunity cost of attending class this evening is:
A. $0
B. $4
C. $40
D. $44
1
5. Specialization:
A. leads to greater self-sufficiency.
B. can lead to an increase in overall production.
C. allows workers to develop skills by working on a large number of tasks
D. is always the result of an inefficient use of resources

Expert Solution

Step 1: Define opportunity cost

Opportunity cost refers to the value of the next best alternative forgone when making a decision or choosing one option over another. It is the cost of choosing one option in terms of the benefits or opportunities that could have been gained from choosing an alternative option.

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